The fact that the use of fossil fuels is the main cause of climate change has been scientifically proven for decades. In turn, we know that climate change makes destructive extreme weather more likely to occur and more dangerous.
However, based on a new report released by the Carbon Tracker think tank on Wednesday (20/3), instead of suppressing its use, all large oil and gas companies are actually planning to expand the use of fossil fuels which clearly produce emissions. and can increase the temperature of the Earth. In fact, in the Paris climate agreement in 2015 it was agreed to limit warming to 1.5 degrees Celsius.
The agency’s assessment of the 25 largest listed fossil fuel companies is designed to enable investors to assess whether the companies are in line with internationally agreed climate goals. It turned out that none of the results were found, according to the report.
“Oil and gas companies around the world openly state that they support the goals of the Paris Agreement, and claim to be part of the solution in accelerating the energy transition. But unfortunately, we see that currently none of it is in line with the goals of the Paris Agreement, even though there are clear differences between companies.” said Maeve O’Connor, Oil and Gas Analyst, Carbon Tracker and report author.
The report assesses companies on a scale from A to H, using criteria including investments, production plans and emissions targets.
The A value is potentially in line with the 2015 Paris Agreement goal of limiting temperature rises to “well below” 2 degrees Celsius and if possible a safer limit of 1.5 degrees Celsius.
Also read: Criticism of the COP28 Climate Draft Agreement which lacks a commitment to stop fossil fuels
The H value, according to Carbon Tracker, is the furthest from the Paris goal, with activities and strategies more consistent with catastrophic warming of 2.4C or worse.
The report found that the company with the highest score was Britain’s BP (British Petrolium), with a rating of D. At the bottom of the list were Saudi Arabian oil company Aramco, Brazil’s Petrobras and the US’s ExxonMobil, all rated G. Meanwhile US companies Conoco Phillips is rated H.
According to the report, almost all oil and gas companies assessed are planning new developments and increasing fossil fuel production in the near future.
Also read: Climate change accused of causing extreme drought in Iraq, Iran, Syria
Transition efforts
Only BP plans a long-term decline, while Repsol, Equinor and Shell expect levels to remain the same.
However, BP last year said its carbon emissions would not fall as quickly as expected, as it posted record annual profits thanks to soaring oil and gas prices.
Also read: COP28 Consultant, McKinsey Encourages the Interests of Oil and Gas Company Clients
The company says carbon emissions from oil and gas production will fall by between 20-30% by 2030.
British oil and gas giant Shell last week also revised its carbon emissions reduction targets, although it insisted it was seeking a balanced and orderly transition from fossil fuels to low-carbon energy.
With a temperature rise of 1.2C so far, communities around the world are already facing deadly and economically devastating climate impacts, with global temperatures last year reaching their hottest on record, intensifying forest fires, storms and drought that can damage crops.
Also read: Fossil Fuel Producers’ Plans Threaten Global Warming Limits
At the UN climate conference COP28 in December, nearly 200 countries agreed to calls for a transition away from fossil fuels and a tripling of renewable energy capacity this decade.
However, based on this report, the oil and gas industry has made clear their plans to persist as long as possible using this environmentally unfriendly fuel.
Saudi Aramco Chief Executive Amin Nasser said this week that the world should abandon the fantasy of phasing out fossil fuels and instead invest in oil and gas, which he said reflects realistic demand assumptions. (AFP/M-3)
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